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A "Balance Transfer" in credit card use is the act of transferring your balance (debt) in a Credit Card to another credit card.
Balance transfer is an option included under credit card payments and is useful for persons holding more than one card. On availing this facility, the cardholder can transfer the balance amount outstanding on card one to card two and vice versa, if he/she is not able to make full payment that is due on a particular card.
In any case, the payment due date is only delayed but the payment has to be made at the scheduled time as stated in card two. Balance transfer facility is useful in reducing the interest outgo (on card one) and extending the payment due date on the original card.
Balance transfer for credit cards is used either to transfer balance from card to another or transfer balance from card to short terms loan, this is useful to reduce high interest rates of credit cards to less interest rates of loans.
Very good answer Mr Venkitaraman
Agreed with the answer VENKITARAMAN
Agreed with all answers
Transferring the balance from one card to other bank card for swaping
Agreed with Mr. Venikatraman.
